DR. LUDOVIC ERNON: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DR. LUDOVIC ERNON
Largest movements
- Current investments +€58,366
up €58,366 (+43.2%), from €135,063 to €193,430
- Tangible fixed assets +€37,638
up €37,638 (+21.4%), from €175,956 to €213,594
of which Furniture and vehicles: +€42,480
- Receivables within one year -€23,334
down €23,334 (-75.7%), from €30,821 to €7,487
of which Other amounts receivable: -€22,677
- Deferred charges and accrued income +€15,797
up €15,797 (+12.8%), from €123,775 to €139,572
- Cash +€8,244
up €8,244 (+9.4%), from €88,021 to €96,265
mainly Net result for the year (+€148,265) and Tax, wage and social debts (+€25,404)
- Reserves +€75,768
up €75,768 (+18.0%), from €421,789 to €497,558
- Tax, wage and social debts +€25,404
up €25,404 (+382%), from €6,652 to €32,056
of which Taxes: +€25,404
- Gross operating margin +€61,276
up €61,276 (+38.5%), from €159,015 to €220,291
- Taxes +€19,645
up €19,645 (+45.1%), from €43,541 to €63,186
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €553,636 | €650,347 | +€96,711 | +17.5% |
| Fixed assets | 21/28 | €175,956 | €213,594 | +€37,638 | +21.4% |
| Tangible fixed assets | 22/27 | €175,956 | €213,594 | +€37,638 | +21.4% |
| Furniture and vehicles | 24 | €148,760 | €191,240 | +€42,480 | +28.6% |
| Leasing and similar rights | 25 | €20,069 | €16,954 | -€3,115 | -15.5% |
| Other tangible fixed assets | 26 | €7,127 | €5,400 | -€1,727 | -24.2% |
| Current assets | 29/58 | €377,680 | €436,753 | +€59,073 | +15.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €30,821 | €7,487 | -€23,334 | -75.7% |
| Trade receivables | 40 | €657 | €0 | -€657 | -100% |
| Other amounts receivable | 41 | €30,163 | €7,487 | -€22,677 | -75.2% |
| Current investments | 50/53 | €135,063 | €193,430 | +€58,366 | +43.2% |
| Cash at bank and in hand | 54/58 | €88,021 | €96,265 | +€8,244 | +9.4% |
| Deferred charges and accrued income | 490/1 | €123,775 | €139,572 | +€15,797 | +12.8% |
| Total equity and liabilities | 10/49 | €553,636 | €650,347 | +€96,711 | +17.5% |
| Equity | 10/15 | €434,189 | €509,958 | +€75,768 | +17.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €421,789 | €497,558 | +€75,768 | +18.0% |
| Distributable reserves | 133 | €421,789 | €497,558 | +€75,768 | +18.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €119,447 | €140,389 | +€20,943 | +17.5% |
| Amounts payable after more than one year | 17 | €17,386 | €14,449 | -€2,937 | -16.9% |
| Financial debts | 170/4 | €17,386 | €14,449 | -€2,937 | -16.9% |
| Amounts payable within one year | 42/48 | €102,061 | €125,940 | +€23,880 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €2,823 | €2,937 | +€113 | +4.0% |
| Financial debts | 43 | €10,177 | €13,505 | +€3,328 | +32.7% |
| Credit institutions | 430/8 | €10,177 | €13,505 | +€3,328 | +32.7% |
| Trade debts | 44 | €1,536 | €1,371 | -€165 | -10.8% |
| Suppliers | 440/4 | €1,536 | €1,371 | -€165 | -10.8% |
| Taxes, remuneration and social security | 45 | €6,652 | €32,056 | +€25,404 | +382% |
| Taxes | 450/3 | €3,252 | €28,656 | +€25,404 | +781% |
| Remuneration and social security | 454/9 | €3,400 | €3,400 | = | 0.0% |
| Other amounts payable | 47/48 | €80,873 | €76,072 | -€4,800 | -5.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,313 | €7,261 | +€1,948 | +36.7% |
| Other operating charges | 640/8 | €1,357 | €1,703 | +€346 | +25.5% |
| Non-recurring operating charges | 66A | €3,248 | €0 | -€3,248 | -100% |
| Gross operating margin | 9900 | €159,015 | €220,291 | +€61,276 | +38.5% |
| Operating profit (loss) | 9901 | €149,098 | €211,327 | +€62,229 | +41.7% |
| Financial income | 75/76B | €4,890 | €4,810 | -€80 | -1.6% |
| Recurring financial income | 75 | €2,234 | €4,810 | +€2,576 | +115% |
| Non-recurring financial income | 76B | €2,655 | €0 | -€2,655 | -100% |
| Financial charges | 65/66B | €4,074 | €4,686 | +€612 | +15.0% |
| Recurring financial charges | 65 | €4,074 | €4,686 | +€612 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €149,914 | €211,451 | +€61,537 | +41.0% |
| Income taxes | 67/77 | €43,541 | €63,186 | +€19,645 | +45.1% |
| Profit (loss) for the period | 9904 | €106,373 | €148,265 | +€41,892 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €106,373 | €148,265 | +€41,892 | +39.4% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.